Since FNMA and FHLMC published their latest version of FNMA Form 1008/FHLMC Form 1077, the mandatory usage date for this form (and the retirement of the previous, 2009-version of it) has been postponed once and then indefinitely postponed. Last week, FNMA announced that they would not be adopting a mandatory usage date for the new form and that lenders could use this form, or “a similar document in lieu of Form 1008” when manually underwriting loans.
We created a new (2018-version) of the Form 1008 in 2019 and modified the print conditions of this form later in that same year, allowing it to be used starting June 15, 2019 (as permitted by the GSEs, which allowed lenders to use the form at their discretion starting December 4, 2018).
We anticipated that the 2009-version of Form 1008 would eventually be disallowed when usage of the 2018-version would become mandatory. However, based on the announcement in FNMA SEL-2020-03, it appears that the GSEs will accept either version of Form 1008, since: (i) it is not mandatory for the 2018-version to be used; and (ii) lenders can use a “similar document” for manually underwriting loans (and it’s hard to make an argument that the 2009-version is not a “similar document”).
As a result, we will continue to provide both versions for the foreseeable future, until (and if) the GSEs formally announce that lenders can no longer use the 2009-version. Any questions or concerns about this matter should be directed to Client Support at 1.800.497.3584.
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